Gordon Campbell | Parliament TV | Parliament Today | Video | Questions Of the Day | Search

 


Investors at Risk through Lax Government Regulations

Rt Hon Winston Peters
New Zealand First Leader
30 November 2012

Investors at Risk through Lax Government Regulations

New Zealand First says the Government has failed to introduce regulations ensuring financial advisers’ decision-making is independently scrutinised to protect investors from losses caused by illegal trading.

The lack of oversight is highlighted by the Ross Asset Management fiasco where a sole director with sole investment responsibility led the company to ruin with debts of $438 million.

Rt Hon Winston Peters says the Government has failed over the past four years to introduce regulations to protect New Zealand investors from rogue sole traders such as David Ross.

“The Prime Minister has repeatedly told the country that the issues that led to scores of finance companies going belly-up had been dealt with. That is simply not true.

“Asset managers in New Zealand are handling millions of public dollars yet are not subject to any management oversight or governance controls on just how they do that.”

Mr Peters says that was a major cause that contributed to the collapse of about 50 New Zealand finance companies during the global financial crisis which has not been remedied.

“We accept that most finance advisors are honest but quite clearly, some are not.

“If one suddenly goes rogue to try and get out of a financial hole then there are no Government mechanisms in place that would alert the appropriate authorities.

“This glaring loophole needs to be addressed by the Government with urgency before more mum and dad investors lose their life savings.

“It’s a classic example of myopic free market regulations which very often leads to illegality and light fingered behaviour,” says Mr Peters.

ENDS


© Scoop Media

 
 
 
 
 
Parliament Headlines | Politics Headlines | Regional Headlines

Patience: Drive Safe

Be patient before passing is the AA's message for drivers this Labour weekend.

"People taking crazy risks to get past other vehicles is one of the most dangerous things on the road,” says AA spokesperson Dylan Thomsen.

“The weather is looking good for the long weekend so the roads will be busy. Unfortunately, that also increases the chances of people getting frustrated and trying a risky passing manoeuvre. When they get past, there will probably be more traffic up ahead anyway so it won’t get people there faster.” More>>

 
 

Parliament Today:

Employment Relations Bill: Govt Strains To Get Tea Break Law Through

The Government has been left with egg on its face - failing to get its much-vaunted, but hugely unpopular, meal break law passed in the first week of its new term, Labour spokesperson on Labour Issues Andrew Little says. More>>

ALSO:

Guns: Police Association Call To Arm Police Full Time

"The new minister gave his view, that Police do not need to be armed, while standing on the forecourt of parliament. The dark irony was that the interview followed immediately after breaking news of a gunman running amok in the Canadian parliament in Ottawa..." More>>

ALSO:

Gordon Campbell: On The Tokenism Of New Zealand's Role Against Islamic State

Our contribution against IS will be to send SAS forces to train the Iraqis? That’s like offering trainers to General Custer just as the 7th cavalry reached the Little Big Horn. More>>

ALSO:

Scoop Business: Shell And Todd Caught Drilling Without Approval

Multi-national oil company Shell’s New Zealand arm and local energy giant Todd Energy have breached the new law governing New Zealand’s Exclusive Economic Zone, the Environmental Protection Authority says in an Oct. 10 document released by the Green Party. More>>

ALSO:

Gordon Campbell: On Pharmac, Gough Whitlam And Sleater-Kinney

We’re not at the outset of these negotiations. The outset was six years ago, and negotiators were hoping to have some sort of ‘framework’ deal finished in time for the APEC meeting in a few weeks’ time. These ‘extreme’ positions are what we’ve reached near the intended end of the negotiations… More>>

ALSO:

PM Of Many Hats: Questions, No Answers On Whale Oil

Dr RUSSEL NORMAN (Co-Leader – Green) to the Prime Minister: How many times since November 2008 has he spoken with blogger Cameron Slater on the phone and how many times, if any, has he texted him?
Rt Hon JOHN KEY (Prime Minister): None in my capacity as Prime Minister. More>>

ALSO:

Aussie Investigation Dropped: Call On Minister McCully To Pursue The Case Of Balibo Five

West Papua Action is deeply concerned at the lack of any clear outcome from the Australian Federal Police inquiry into the 1975 deaths of the ‘Balibo Five’ including NZ journalist Gary Cunningham. More>>

ALSO:

'Feed The Kids' Bill: Metiria Turei To Lead Fight On Feeding Hungry Children

Green Party Co-leader Metiria Turei is urging all political parties to support the Feed the Kids Bill which she inherited today from Mana leader Hone Harawira. More>>

ALSO:

Parliament Today: State Opening Of Parliament

The House sat at 10.30am on Tuesday before MPs were summoned to hear the Speech from the Throne in the Legislative Council Chamber. More>>

ALSO:

Get More From Scoop

 

LATEST HEADLINES

 
 
 
 
 
 
 
 
Parliament
Search Scoop  
 
 
Powered by Vodafone
NZ independent news